Economic definition of the four factors

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Economic definition of the four factors

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Economists generally agree that economic development and growth are influenced by four factors: Highly developed countries have governments that focus on these areas.

Less-developed countries, even those with high amounts of natural resources, will lag behind when they fail to promote research in technology and improve the skills and education of their workers. Human Resources The skills, education and training of the labor force have a direct effect on the growth of an economy.

A skilled, well-trained workforce is more productive and will produce a high-quality output that adds efficiency to an economy. A shortage of skilled labor can be a deterrent to economic growth.

An under-utilized, illiterate and unskilled workforce will become a drag on an economy and may possibly lead to higher unemployment. Physical Capital Improvements and increased investment in physical capital - such as roadways, machinery and factories - will reduce the cost and increase the efficiency of economic output.

Factories and equipment that are modern and well-maintained are more productive than physical labor. Higher productivity leads to increased output. Labor becomes more productive as the ratio of capital expenditures per worker increases. An improvement in labor productivity increases the growth rate of the economy.

Natural Resources The quantity and availability of natural resources affect the rate of economic growth. The discovery of more natural resources, such as oil or mineral deposits, will give a boost to the economy by increasing a country's production capacity.

The effectiveness of a county at utilizing and exploiting its natural resources is a function of the skills of the labor force, type of technology and the availability of capital.

Skilled and educated workers are able to use these natural resource to spur the growth of the economy. Technology Improvements in technology have a high impact on economic growth.

As the scientific community makes more discoveries, managers find ways to apply these innovations as more sophisticated production techniques.

The application of better technology means the same amount of labor will be more productive, and economic growth will advance at a lower cost. Countries that recognize the importance of the four factors that affect economic growth will have higher growth rates and improved standards of living for their people.

What is activity? definition and meaning -

Technological innovation and more education for workers will improve economic output which lead to a better living environment for everyone. Increases in labor productivity are much easier to achieve when investments are made on better equipment that require less physical work from the labor force.The four factors of analysis for fair use set forth above derive from the opinion of Joseph Story in Folsom v.

Marsh, Much of the unprecedented economic growth of the past ten years can actually be credited to the doctrine of fair use, as the Internet itself depends on the ability to use content in a limited and unlicensed manner. The WBI Definition of Workplace Bullying.

Workplace Bullying is repeated, health-harming mistreatment of one or more persons (the targets) by one or more perpetrators. In economics, a recession is a business cycle contraction when there is a general slowdown in economic activity.

Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. In the United Kingdom, it is defined as a negative economic growth .

Jun 30,  · The foundation of an economy is built on the four factors of production: land, labor, capital and entrepreneurship.

To understand how these factors apply to a . Economic factors: (i) Availability of national resources in abundance.

Economic definition of the four factors

(ii) Adequate availability of capital. (iii) Progress in science and technology. (iv) Entrepreneurial ability. (v) Human resource development. (vi) Growth of population. Non-Economic factors: (i) Spread of education. (ii) Desire for material betterment. Journal for the Theory of Social Behaviour Altruism and Volunteerism: The perceptions of altruism in four disciplines and their impact on the study of volunteerism DEBBIE HASKI-LEVENTHAL jtsb_ INTRODUCTION One of the important aspects of human altruism is long-term and organized activity for the benefit of others, that is, formal volunteering.

Economic Definition of the Four Factors of Production |